Business
Tech Giants Struggle as Stock Market Takes a Breather
The NYSE witnessed a retreat in tech giants like Nvidia and Apple on Friday as the stock market took a breather. The S&P 500 and Nasdaq Composite dipped after hitting new all-time highs earlier. The Dow also lost some ground after a volatile week.
Nvidia, the artificial intelligence leader, faced a slight decline, while Apple managed to rise, breaking its losing streak. The TAN ETF, focusing on solar stocks, saw gains for three consecutive sessions.
Despite a strong February jobs report, conflicting signals emerged regarding the timing of potential Federal Reserve interest rate cuts. The unemployment rate unexpectedly rose, but wage growth was lower than expected.
Academy Securities highlighted the weakness in the job market data, pointing to downward revisions and sluggish hourly earnings. This development could influence equity markets and the Fed’s decision-making process.
Chinese passenger vehicle sales surged 16.3% in the January-February period, while EV sales experienced an 18.2% increase. The yen continued to strengthen against the U.S. dollar, reaching a month-high on the back of reports of higher wages in Japan.
